Renasant Bank, a subsidiary of Nasdaq-listed Renasant Corporation, has completed its acquisition of the Birmingham, Alabama-based trust department of RBC Bank (USA).

The takeover will not affect the separate trust operations of RBC Wealth Management in the US or RBC Trust Company (Delaware).

In a statement issued in June, the firms said that as part of the deal RBC Bank would transfer $680 million in assets under management, comprised of personal and institutional clients with over 200 trust, custodial and escrow accounts, to Renasant Bank, which would then acquire all of the ownership interests in the subsidiary. 

In June RBC also entered a definitive agreement to sell its US regional retail banking operations to PNC Financial Services Group for approximately $3.62 billion, as it refocuses its US efforts on the wealth management and capital markets divisions.

On the part of Renasant Bank, the firm says it views the acquisition as a chance to grow its market share in the Alabama and Georgia markets. In June it estimated the takeover, when finalized, would give its wealth management and trust businesses around $1.5 billion in assets under management and advisement.